Robster
Yes it is, only flat and dipped in bitumen and used in brick walls since the Victorian era as an early type of bed joint reinforcement. It is positioned within the vertical height of the walls at intervals varying from 150mm to 900mm centres (most usually at 450mm centres).
On elevations where it has been placed towards the outer weather skin, and that get saturated by driving rain on a regular basis, or on elevations where the pointing has come to the end of its life and needs attention they rust.
As metal rusts it expands to 7-10 times its original thickness, and horizontal cracks start to appear in the wall which looks like cavity wall tie failure. Insurance companies would consider any problem occurring as a result of hoop Iron to be a latent defect and therefore it would not be covered by a householder's buildings insurance.
In the early 1990's houses in Carshalton and Morden could not be bought or sold for a period as Banks and Building Societies would not lend money on the properties containing Hoop Iron. I was at the time a Structural Engineer with the Local Authority who with a Building Surveyor did the research into the problem for a report on the subject.
As a result of the report and a decision made by Central Government, and meetings with the 5 major lending banks and Building Societies of the day took place regarding finding and establishing what form the bed joint reinforcement takes (as there are mesh versions as well) after which properties could once again be bought and sold with a Structural Engineers Report on the Hoop Iron.
I undertake surveys and produce a Structural Engineers Report on what I find so that purchasers can sent to their mortgage lenders to obtain their mortgage.
Below is a photograph from a typical report showing where it has been found and I removed a little of the pointing and you can see the Hoop Iron